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Software exports to be lower in 2003: Nasscom
April 08, 2003 18:32 IST
India's software and services exports for the 2002-03 fiscal would be lower than the projected growth rate of 30 per cent as a result of the appreciation of the Indian rupee, National Association of Software and Service Companies said on Tuesday.
"Because the rupee has appreciated to about five per cent to what we thought it will be, it is going to make a difference to the tune of three-five per cent on the growth rate in rupee terms", Kiran Karnik, president, Nasscom told newspersons in New Delhi.
"But how much difference it will make, we are working out," he said and added it would certainly not be Rs 46,500 crore (Rs 465 billion) as was projected earlier based on a 30 per cent growth rate.
It has been a good year, we are on track in terms of the work that was given but rupee appreciation over the last one year is going to dent the software and services exports, he said.
The industry registered a growth of 28 per cent for the first three quarters of the 2002-03 fiscal and clocked a revenue of Rs 34,000 crore (Rs 340 billion) from the April to December period.
Sunil Mehta, vice president, Nasscom said the growth in dollar terms would also be impacted due to the appreciation but the exact amount would be known in the next four weeks after it starts analysing the data.
In 2001-02, the Indian IT industry raked in a revenue of Rs 48,000 crore (Rs 480 billion) out of which exports were Rs 36,500 crore (Rs 365 billion) a growth of 29 per cent in rupee terms.
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